HomeMy WebLinkAboutCENTERPOINT PARK THIRD - Filed OA-OTHER AGREEMENTS - 2003-07-31. ,,,d o•�r i,�•n• of u,�. (nrrn npnruv.d h. rn.
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SPECIFIC PERFORMANCE CONTRACT !'
(COMMERCIAL)
Port Collins Colorado October LZ lg 80
t P.E:CE lVF1) F1,ONI Larimer County, Colorado
i'urcha: e r .xf Jtivi xrx Lttx the sum of ? 5, 000. 00 in the form of check
I'.c.� hr r1s111i�� �dr� broker. in his escrow or trustee account.
as earnest rn<nr and Dart payment for the following described real estate situate in the
County of _
Larimer _ Colorado, to wit:
I,;1nd!; sltuaLe 1n the t7orL1! 1/2 of Sectlon 20, Township 7 North, Mange 68 West of the
Gth 1%ii. consistinz of 14.4 acres, more or less and depicted on Exhibit A attached
hcrcto in slash narks
with all e::sements and rights of way appurtenant thereto, all improvements thereon and all fixtures of a permanent
nature currently on the premises except as hereinafter provided, in their present condition, ordinary wear and tear
excepted, known as
IJ/A
which property purchaser agree= to buy upon the following terms and conditions, for the purchase price of
00 payable as follows: $ 5 000. 00 hereby receipted for,
e 305,O00.00 in cash at closin
Co.,;' of any appraisal for loan purposes to be obtained after this date shall be paid by
N/A
1. If a note and trust deed or mortgage is to be assumed, the purchaser agrees to apply for a loan assumption if
required and purchaser agrees to pay (1) a loan transfer fee not to exceed $ N/A and (2) an interest
rate not to exceed Pl L`,c !Der annum. If the lender's consent to a loan assumption is required, this contract is
expressly conditioned upon obtaining such consent without change in the terms and conditions of such loan except as
above stated.
If a secured or unsecured loan is to be carried by the seller, seller shall not be obligated to carry said loan for any
person or entity in lieu of the purchaser named herein.
2. Price to include the following personal property: N/A
to be conveyed h} bill of sale at time of closiniz in their present condition, free and clear of all personal property taxes,
henF and encumbrances, except: None
and except any personal property liens in any encumbrance specified in paragraph 4.
The following: fixtures of a permanent nature are excluded from this sale: N/A
J(}i-i.3,k;ib. A7tt2'toKsi�Fd:�rsext3aEertifii�i�o:dare;�ox�a current commitment for title insurance policy in an
amount equal to the purchase price, at seller's optian anti:expense, shall be furnished the purchaser on or before
';cis i-wbc'r 3, 1580 Ifsclicrelac xafl}r�frsanjtt}isix Her will
d ll the title insurance policy to purchaser after closing and pay the premium thereon.
Title shall be merchantable in the seller, except as stated in this paragraph and in paragraph 10. Subject to
I ^r tender as above provided and compliance with the other terms and conditions hereunder by purchaser.
r mall execute and deliver a good and sufficient general warranty deed to said purchaser on
1 l 4 • _ 19 b0 or, by mutual agreement, at an earlier date. conveying said property free and
I -frs t r- i e �_ and except 'one
r f all liens for special improvements now installed, whether assessed or not: free and clear of all liens
except: None
nL s in hl�icc or of recce- ,
.•',,: I, p.,' to I,n,ldu,. :.rI ii :.,�r.:nr regul:,t„,us un,I t he following restrictive covenants: Norio
ncnn,brance requtr, d to be paid n,ay Le paid at the time of settlement from the proceeds of this transaction
r f, ..n. :nr, of her source.
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r
�'r--will— a L_ clo s1I1g�_ F: N-1 5.0--t."Lt 'Es 1LCLll1,_-
to date of closing..-_.__
x:dAx73x4c}t:isci{s::rsm�sir:c}:
t.hhe l,,,ur :tnd place of closing -},all be as designated by _ PLtrcl-laser _
1'w-1essi0n of prvimses shall be delivered to purchaser on date Of closing
suij, ct t„the following leases or tenancies: Done
I the =eher fail to deliver possession on tlit' (late herein specified, the seller shall Le subject to eviction and shall he
il:ablc for a (]ally rental of i' U()O_ OU-- --- until possession is delivered.
�. IT) t he event the prenuses shall lac (Imnaged by fire or other casualty prior to time of closing, in an amount of not
im,re th;m ten per cent of ti,(• total purchase price, the seller shall be obligated to repair the same before the date
h, r, u) pr o% idcd for delrverq of deed. In tine event such damage cannot be repaired within said time or if such damage
c>:ceed such sum. this contract n,a� be cancelled at option of purchaser. Should the purchaser elect to carry out
this agrcen„ nt despite sloth danl:age, such 1) rc•h;tser shall be entitled to all the credit for the insurance proceeds
rosul:n,g fr„m such damage, not exceeding, however, the total purchase price. Should any fixtures or services fail
Lrt��(en the date of this agreement and the date of possession or the date of delivery of deed, whichever shall be
earlieI. then the seller shall be responsible for the repair or replacement of such fixtures or services with it unit of
ilzr size, age and quality, or in equivalent credit.
(l. Tirnc is of the essence hereof, and if any payrnent or any other condition hereof is not magic, tendered or
performed 1,y either the seller or purchaser as herein provided then this contract, at the option of the party who is not
in default, may be terminated by such party, in which case the non -defaulting party may recover such damages its
rmy he proper. In the event of such default by the seller, and the purchaser elects to treat the contract as terminated,
then :.!' payments made hereon shall be returned to the purchaser. In the event of such default by the purchaser, and
the s, hrr elects to treat the contract as terminated, then all payments made hereunder shall he forfeited and
rrtair,ed on behalf of the seller. In the event, however, the non -defaulting party elects to treat this contract as being
rn fuC forge and effect, the non -defaulting party shall have the right to an action for specific performance and
damages.
io. Except as stated in paragraph 4, if title is not merchantable and written notice of defect(s) is given by the
purri,aser or purchaser's agent to the seller or seller's agent within the time herein provided for delivery of deed and
nt,t he rendered merchantable within ;?0 days .ifte•r such written notice, then this contract, at purchaser's option,
shall hc• void and of no effect and each party hereto shall be released from all obligations hereunder and the payments
made hereunder shall be returned forthwith to purchaser upon return of the abstract, if any, to seller: provided
ho%veccr, t hat in heu of correcting such dcfect(s), seller miac, within said 3(1 days, obtain a commitment for owner's title
insurance policy in the amuunt of the purcli;ase pt,ce reflecting title insurance protection in regard to such defect(s).
and the purchaser shall have the option of accepting the then existing insured title in lieu of such merchantable title.
The seller shall pay tl,e full prenuum fur such owner's title insurance policy, and the abstract, if any, shall be returned
by the purchaser.
1. Additional provisions: Add i t ion:) I ,u-ov 1:; ions set forth on nddendnm attached hereto
sil•,Twd by Cho p:lrtics.
1,2. }.^. LY7tsr 7lxt+�}ui�r;7t arcHltted}b) zhn xoikstir>vcr:iing}atr:tttti�KtoXe:xxx t�x�u•rxx� xxxxxxUs3x.`C+zttY9t
},nacv>:x:cx7 Y.hxitvtxr.ort _ �:rotttra t}*,ittx7 eD::Fax^w:r.r,xrixhit>±>cnxf.,Y:oj Y'0"
- •�:x?cn7in^s:sr�:r:oi;:r:t:lx 1a:.ix:t—
LAI, ih C( Y, COIJ)
By: _ _ !/V_•�u_L�JL?_1�L���' Agent UNIVERSITY REALTY, INC.
Put ri,e •r, Late
ATTEST: �7
T'u rc no•, (`p , i Date
Seller accepts the above proposal t XY_i.KXy :':Q:t'. of ice. �`LKxxYxx�txxxxxxY�:��-- ;L _y_-L,:jX X_ _X.X_tand agrees
to pay it commission of of the Kruse; salts price for services in this transaction. and agrees that, in the event of
forfeiture of piayments made by purchaser, such payments shall be divided between the seller's broker and the seller,
one-half thereof to said broker, but nut to exceed the commission, and the balance to the seller.
ATT'I:ST: RHOADES, INC.
B y :y
$ell.- � Sellrr
Purchaser's Add re--, _ 200 3171:�3L -0;. h SLLL_UL.—Fort-_C411iU5,_QQ1Qiiltl_`
tiler's Add: es`
I/.() N:tth('w:: `. Cr,.t hca't GolIih5 . alsx. t( ar, F(�
—-------- ---- -- - u- �---------
CrC rno 1•79
ADDENDUM
Specific Performance Contract
Seller: Rhoades, Inc.
r
Purchaser: Larimer County, Colorado
1. Subdivision Improvements. The Purchaser is buying
the subject property, as is, except as otherwise specifically
I;rovided in this paragraph.
A. Water Lines. A water line has been installed in
Centerpoint Drive adjoining the subject property. The
parties recognize that it will be necessary to loop such line
and such loop will be accomplished by extending the existing
line on -East Prospect Street east to Sharp Point Drive and
youth on Sharp Point Drive to connect to the existing line in
place in Sharp Ponit Drive. Pursuant to §112-43 of the Code
of the City of Fort Collins a portion of the cost of instal-
ling the necessary line to loop the system will be collected
from other benefited properties and repaid to the person
installing such line. Seller agrees to be responsible to
Purchaser for installing the necessary line to loop the
system and to pay the cost of such installation to the extent
other abutting property owners do not initially pay their
share of such costs. Seller further agrees that such line
will be installed by the time the same is required by the
City and needed to serve the subject property.�i Such water
line shall be installed in conformance with the utility plans
and subdivision agreement for Centerpoint Park Subdivision as
approved by the City of Fort Collins.
B. Sanitary Sewer. Seller agrees to install all sani-
tary sewer lines required to serve the subject property and
to connect the same to the City of Fort Collins sanitary
sewer system in accordance with the requirements of the
utility plans and subdivision agreement for Centerpoint Park
approved by the City of Fort Collins. Such sanitary sewer
lines shall be installed by Seller and such installation
completed by the time such lines are needed by the Purchaser
to serve the subject property.
C. Street Improvements. Seller agrees to install road -
base, asphalt pavement, curb and gutter on Centerpoint Drive
as required to complete the installation of such improvements
c
on Centerpoint Drive. All of such improvements shall be
installed in conformance with the utility plans and subdi-
vision agreement for Centerpoint Park approved by the City of
Fort Collins. The Purchaser agrees to be responsible for
installation of any sidewalk required by the City of Fort
Collins abutting the subject property. Seller agrees to be
responsible for all other sidewalks which the City of Fort
Collins requires to be instlaled on Centerpoint Drive in the
Centerpoint Park Subdivision. The street improvements
required to be installed by the Seller shall be completed on
or before the time the improvements to be constructed by the
Purchaser on the subject site are completed and ready for
occupancy.
D. Street Lighting. Seller agrees to install all
street lighting on Centerpoint Drive from 'rimberline Road
through Centerpoint Park Subdivision. Such street lighting
shall conform to the requirements of the utility plans and
subdivision agreement for Centerpoint Park approved by the
City of Fort Collins. All of such street lighting shall be
installed on or before the date the Purchaser completes the
improvements to be constructed on the subject property and is
ready to occupy the same.
E. Electrical. The Purchaser assumes responsibility
for installing all facilitees required to provide electrical
service to the subject property and shall pay all charges
imposed by the City of Fort Collins for providing electricity
to any other property within Centerpoint Park Subdivision.
F. Storm Drainage. Seller agrees to install all storm
drainage facilities as shown and required on the utility
plans and subdivision agreement for Centerpoint Park approved
by the City of Fort Collins. The parties recognize that it
may be advantageous and desirable to modify such storm drain-
age facilities in order to allow direct storm runoff, without
detention, from the subject property. Seller agrees to co-
operate with Purchaser in any such modifications, provided
t thUt Purchaser pays any additional cost incurred in instal-
ling the storm drainage facilities caused by such modifica-
tions. Further, it is understood that no such modifications
shall substantially impact any properties owned by Seller
which adjoin the storm drainage facilities.
G. Water Rights, Plant Investment Fees & Miscellaneous.
The parties agree that the purchase price does not include
water rights and the Purchaser shall provide such water
rights to the City of Fort Collins as may be required to
obtain water service from the City Water Utility. Further,
any water or sewer plant investment fees, oversize road fees,
park fees or similar charges imposed by the City of Fort
Collins as a condition for providing utility service or for
issuing a building permit shall be the obligation of the
Purchaser. Purchaser shall be responsible for installation
of all on -site improvements on the subject property.
H. Centerpoint Park Subdivision. Except to the extent
otherwise provided above, all subdivision improvements
required by the utility plans and subdivision agreement with
the City of Fort Collins for Centerpoint Park Subdivision
shall be the responsibility of, and provided at the expense
of, the Seller, and the Seller shall indemnify and hold the
Purchaser harmless from any cost in connection with the
same.
2. Escrow. Seller agrees that the sum of $72,000.00
shall be withheld from the purchase price at closing by the
Purchaser in order to guarantee Seller's performance as
required under- paragraph 1 of this Addendum. The Purchaser
shall deposit such withheld funds in an interest bearing
savings account with Rocky Mountain Bank and Trust Company.
Such funds shall continue to be held by the Purchaser until
the Seller has. met all obligations imposed on Seller by para-
graph 1 of this Addendum. In the event Seller fails to meet
any requirements improved on Seller by paraagraph 1 of
of this Addendum in the manner and within the time specified
in this paragraph, the Purchaser shall have the right to
e install any improvement required or take any other action to
correct Seller's default and any cost so incurred by the
Purchaser shall be reimbursed to Purchaser from the funds
held in escrow. At such time as all subdivision improve-
ments required to be installed by Seller pursuant to this
paragraph have been installed as required herein, any remain-
ing funds in escrow including all interest earned on the
escrowed funds shall be paid over to Seller. Upon obtianing
approval of the City of Port Collins of any improvements
installed by Seller, Seller shall be deemed to have complied
with its obligation to install such improvement pursuant to
paragraph 1 of this Addendum. Purchaser agrees to release
funds in escrow for payment of the cost of installing the
improvements installed by Seller and approved by the City of
Port Collins, provided Seller demonstrates to Purchaser
satisfaction that the remaining funds in escrow are adequate
to complete all improvements to be installed by Seller.
DATED this _ja"4-day of October, 1980.
Purchaser: LARIMER COUNTY, COLORADO
By
ATTEST: 61
Seller:
JAA
RHOAD S, INC. �.
By:
SECOND ADDE;NDU'ft �€ fP
Specific Performance C')r11 r c t L:
t Seller: Rhoades, Inc.
Purchaser: Larimer County, CnI credo
The First. Addendum to the above mentioned contract.
herelDy amended so that, paragraph 2 of the said First AdderZnue
shall read as follows:
2. Escrow. THAT TIME OF PERFORMANCP (T 'AIF OBLIGATIONS
OF THE SELLER IN PARAGRAPH 1 OF THIS ADDENDUr,t SHAM P.•FOF TFIF
ESSENCE. Seller agrees that the sum of $125,000.00 of the
purchase price shall be withheld at, the time of closi nq by K he
Purchaser in order to guarantee Seller'-, performance rc'-
qui red under paragraph 1 of thi-s Addendum- So id funds shy.: }-,;,
depc:si ted in an interest bear•i rig savi ncl,; account w I I I,r.cl.;
PounlaJri Bank and Trust. Company. 'fire id L-onk shall hold ,nc�
dish"t-se said funds as hereinafter set, forth.
The said hank <.} i 1 1�e permitted to disburse fundfF. frnri.
the escrow payable to the S I 1 er , knd its contractor cr
con' ractors for the work spec i f it" it paragraph 1 of kh i s
Addendum under the following condi.t ip:� r� limitations:
(a) No contract for work specified in said pat- ph
1 shril l require the payment of more than 10'/� of the coo! r , c-'.
pride in advance of the performance of any parn nf the wort o
he constructed.
(h) Funds subsequent to the i n i t. i n l down p ynf rat : r:
Flay 5;aid contract shell be paid only to the exteniz and iu
payment fir that work which shall h,ove <ic l u,i l I y been
under �',ny such contract and upon present at i or. no the ,aj
of the written certificate of the Sellcr'n enclineer th it li.r
work for which the contractor is being paid has been arc' nnl l y
and satisfactorily completed and a written o-crti f i c at c of ` K,
appropriate off icial of the City of Kwt Col inv trot Ike t fir
constructed to the extent, of the construction hij! L;E,( n i n-
spected by the City of Fort. Collins, and conforms in all
respc ctE to the requirements of the City for such construcl i np .
(c) Upon the full completion cf �:11 of the work
required by LA Seller in said paragraph 1 and written
certificates of the Seller's engineer and the City of Fort
Collins as aforesaid, the e_•cruw cgent. shall be permitted to
pay the balance remaining in the esrrcv fund to the Seller.
In the event the Seller fails to pie:( t �,riy requirements
imposed on Seller by said paragraph 1 in the r.ar"Q� ,_nd within
the time specified in said paragraph 1, the Purchaser nhell
have the right to construe;. =ny improvement requirn6 therr"nder
by the Seller or take any other appropri ote action tc corn( c 1
Vel1cr's default and any casts so incurred by the Purchri!,er
s-hul 1 he paid to the Purchaser from the funds held in a ur o .
All interest earned on the escroUrcd funds shall he the:
property (of the Seller and shall be paid to the Seller upon
di shursement. of the balance of Qe c ncrc"wd funds. Upon
obtainj"q voriti e" opproval of the Ci 1 y of Dort Collins of any
improvements irsl of l,,(: t•y Seller, Scl ter, shall be deemF-d to
have complied with i.t.s ol.)l i r;r.t ion to i nst <r 1 l such improverrEnr.
pursuant to said parFigr'opl: 7 . 'the Purchot�-cr adrecs to relear;e-
funds in escrow for payment (if tl,t_ i (�I of instal l incl t_he
improvements: i nsLal led by the Seller niW ql r (n nd by !he City
of Fort. Collins; provided, Sel ler demo"nt rat c� ' c '_he Pur-
chaser 's satisfaction thatthe remain i nvl i r, c-r c.,, ,,,rl-.
a�?c�;uate to complete all remaining improvPnr rt � ronp11 tT unA_r
said paragraph 1 to be installed by the Scllur.
Dated this DLJ. ^ c1` day of October, 1980.
LARIMEf; C(�LIIII i , it : (it,�Crrr
B Y : UU ,
A'I'TEST :
ATTE51-:
'I-PROV A's yo- R'M:
County AttOrr'-,
S e l I er:
RHOADES, INC.
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